Water Street Completes Sale of Premise Health

Health Care Firm Divests Fast-Growing Direct Health Care Access Pioneer

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Jul 11, 2018, 08:00 ET

CHICAGO, July 11, 2018 /PRNewswire/ -- Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry, announced today that it has completed the sale of Premise Health to OMERS Private Equity. Headquartered in Brentwood, Tenn., Premise Health is the nation's leading direct health care access company.

Water Street partnered with Walgreen Co. in 2014 to invest in its onsite health care business subsidiary, Take Care Employer Solutions. The firm simultaneously merged the business with CHS Health Services and transitioned it to a standalone company, Premise Health. Over the next four years, Water Street facilitated three more strategic acquisitions and invested in a state-of-the-art technology platform to extend Premise Health's onsite model to near-site health centers and virtual health.

Since partnering with Water Street, Premise Health has expanded its national footprint to more than 600 health and wellness centers across 44 states, Guam and Puerto Rico. The company has grown to serve more than 275 U.S. corporations, including many of the Fortune 1000, and employ more than 4,500 people.

"Together with Water Street, we have led an aggressive strategy to successfully position Premise Health as the leading direct health care access provider to U.S. employers," said Stu Clark, chief executive officer, Premise Health. "Premise Health is truly the gateway that is connecting companies, employees and their family members to phenomenal care so they can live healthier, more productive lives."

Ned Villers, partner, Water Street, added, "Our partnership with Walgreens and the Premise management team created the opportunity to transform two competitors into an industry leader that is changing the future of employer health care. We are pleased that our collective expertise and experience resulted in outstanding growth for the company and a sale that will deliver an exceptional return to our investors."

Financial terms of the sale are not being disclosed.

About Premise Health
Premise Health is a leading direct health care access company pioneering new models to deliver powerfully effortless health care. With more than 50 years of experience, Premise Health delivers unmatched quality, access and value through more than 600 health and wellness centers in 44 states, Guam and Puerto Rico. The company serves more than 275 of the nation's most innovative organizations, including a significant number of Fortune 1000 companies.

Premise Health believes that the future of health care is unrivaled access to phenomenal care that costs less for clients, members and their dependents. It delivers that future today through three access points – onsite health, near-site health, and 24/7 virtual health. It also serves as the health care gateway for members and dependents, connecting them not only to its own robust and comprehensive provider network but also to the broader health care ecosystem. The result is a member experience that makes it easy to be seen anytime and anywhere.

For more information on Premise Health, visit www.premisehealth.com.

About Water Street
Water Street is a strategic investor focused exclusively on health care. The firm has a strong record of building market-leading companies across key growth sectors in health care. It has worked with some of the world's leading health care companies on its investments including Humana, Johnson & Johnson, Medtronic and Walgreen Co. Water Street's team is comprised of industry executives and investment professionals with decades of experience investing in and operating global health care businesses. The firm is headquartered in Chicago. For more information about Water Street, visit waterstreet.com.

SOURCE Water Street Healthcare Partners